Yes.
An RC nerf may be enough to bring Odin down to par, but Odin has some of the most powerful bonuses around, which perfectly matches one of the most powerful units around - RC.
Hunting bonus - great early boost. More food early = more econ upgrades early, or earlier aging times with a decent econ anyway. Snowballs away if played correctly to keep Odin's econ on top vs most other civs.
Regeneration - really a nice bonus, especially with units that can escape combat and rest and heal to fight another day. Very nice for RC. Odin also has the Lone Wanderer tech that enables his ulfs to pull similar stunts. Run away, rest, heal, fight. Essentially, this bonus is the equivalent of getting a free army, or simply a straight hp boost for your entire army - something perhaps along the lines of Bacchanalia, or slightly weaker.
Ravens - enables you to keep track of enemy raiding targets or army movements. Really helps to more than compensate for the low RC LOS. Pretty much the equivalent of an in-game map hack.
Hill fort bonus - icing the cake by making really powerful and hard to counter troops even worse.
Then there are the god powers. Forest fire really helps with raiding - position the RC so that the vills will have a hard time running away, burn the forest, and kill a few extra vills with it. Forest fire is pretty much as powerful as locust swarm, except that forest fire is a classical god power and locust swarm is a heroic one. Forest fire is a bit more versatile too. Alternately, undermine can really help in fast early attacks if your enemy gets towers. In heroic, there's walking woods, which can be really good (especially vs Egypt) or really crappy (if they get lured into a corner), and there's frost - which is the "ceasefire for you, but not me" god power and which is probably a bit too strong too.
Odin has some fun, unique bonuses. He's better than Thor at practically everything (except water maps, somewhat, but even there Odin has advantages). Odin still loses badly to a correctly played Loki, of course. Against everything else, though, he's generally one of the best gods in the game.
Making RC and possibly jarls have a little less hack armor (so they're easier to kill) and giving ravens a little less LOS would really help make Odin balanced.